audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I remember J Powell mentioning in his last press conference that the large tech layoffs were their own unique situation and didn’t necessarily reflect the larger economy where the labor market was extremely tight and companies were unwilling to let go of workers that where hard to hire in the first place.
I read this interesting article recently on CNBC app, found another version to link. It was basically comparing Apple to the other tech giants. Apparently Alphabet, Amazon, Meta, Microsoft etc. ramped up hiring strongly in 2020 and 2021, whereas Apple pretty much stayed on the same hiring track. So these other tech giants are unwinding excess hiring. They’ve certainly made a lot of noise about layoffs in anticipation of a recession.
I read this interesting article recently on CNBC app, found another version to link. It was basically comparing Apple to the other tech giants. Apparently Alphabet, Amazon, Meta, Microsoft etc. ramped up hiring strongly in 2020 and 2021, whereas Apple pretty much stayed on the same hiring track. So these other tech giants are unwinding excess hiring. They’ve certainly made a lot of noise about layoffs in anticipation of a recession.
https://www.moneycontrol.com/news/b...asnt-announced-layoffs-heres-why-9905861.htmlOn January 18, Microsoft announced it will lay off 10,000 employees, reducing its workforce by 5 percent, and Amazon began conducting layoffs that will eventually slash over 17,000 jobs.
Microsoft and Amazon are joining tech industry peers including Alphabet and Meta which have also cut staff in recent months.
Most companies going through layoffs are blaming macroeconomic conditions and the possibility of a future recession for their belt-tightening. However, one factor that has gone underappreciated is how quickly tech companies were hiring during their expansion phases.
Apple, on the other hand, is an exception. Over the past two years, it has not increased its hiring rate and has not announced any layoffs.
Last edited: